Industry: Healthcare | Publish Date: 15-Feb-2025 | No of Pages: 180 | No. of Tables: 580 | No. of Figures: 573 | Format: PDF | Report Code : HC309
The global Patient Monitoring Market size was valued at USD 43.07 billion in 2023, and is predicted to reach USD 77.23 billion by 2030, with a CAGR of 8.7% from 2024 to 2030. Patient monitoring is a crucial aspect of modern healthcare that involves the continuous or intermittent observation of a patient's vital signs, physiological parameters, and overall health status throughout their medical care. This process employs various medical devices and technologies to collect, record, and analyze data, such as blood pressure, heart rate, oxygen saturation, respiratory rate, temperature, and others.
The patient monitoring market refers to the healthcare industry sector focused on the development, manufacturing, and distribution of devices and systems used to continuously or periodically track and record a patient's vital signs and health parameters. It plays a crucial role in a wide range of healthcare settings, ranging from hospitals and intensive care units to outpatient clinics and home healthcare. This will ensure that individuals receive the appropriate level of care tailored to their unique medical needs.
The rising prevalence of chronic diseases is increasing the demand for patient monitoring devices as it is a pivotal component of modern healthcare infrastructure. Healthcare providers recognize the importance f continuous health surveillance to manage and improve patient outcomes, driving the market growth effectively.
As an example, in April 2021, a World Health Organization (WHO) report indicated that non-communicable diseases (NCDs), commonly referred to as chronic illnesses, resulted in the annual deaths of 41 million individuals, accounting for 71% of the global fatalities. This alarming statistic underscores the pressing requirement for efficient patient monitoring solutions to confront the issues presented by these ailments.
The integration of patient monitoring systems with electronic health records (EHRs) is driving the patient monitoring market growth, due to its ability to provide comprehensive patient data, streamline clinical workflows, enhance care coordination, and improve the accuracy and efficiency of healthcare delivery. This integration ensures an access to up-to-date patient information to healthcare providers, facilitating informed decision-making and personalized care while reducing administrative burdens.
The rising aging population is propelling the growth of the patient monitoring market, due to the higher incidence of age-related health risks among elderly individuals. Patient monitoring devices are crucial in tracking and managing these conditions, ensuring timely interventions, and improving overall healthcare outcomes for this demographic. As the elderly population grows, the need for effective and continuous health monitoring is expected to increase, further fuelling the demand for patient monitoring solutions. According to the latest report published by the World Health Organization in 2022, the number of people above 60 reached 1.4 billion in 2020, which is anticipated to reach 2.1 billion by 2050.
The cost of patient monitoring equipment and systems in healthcare facilities is considerably high. This makes them less accessible for those with resource-limited settings. This factor is restraining the growth of the market.
The integration of artificial intelligence (AI) and machine learning into patient monitoring systems to analyze vast amounts of patient data for early detection of health issues is expected to create ample opportunities in the coming years for the market. For instance, in March 2023, Zephyr AI, Inc. partnered with KangarooHealth, Inc., a healthcare technology company providing an AI-assisted turn-key remote patient monitoring platform and care management services. The partnership combined Zephyr AI’s industry-leading machine learning technology with KangarooHealth’s proprietary remote monitoring platform to work toward creating a best-in-class predictive solution for clinicians.
North America holds the dominant share of the market, and is expected to continue its dominance during the forecast period. The key market players such as GE Healthcare, Abbott Laboratories, Honeywell International Inc., and others are adopting strategies, including product launches. This factor drives the market growth in the region. For instance, in April 2023, Honeywell introduced a real-time health monitoring system that records patients' vital signs in hospital and remote settings. This innovative solution utilizes advanced sensing technology through a skin patch to monitor vital signs continuously.
Moreover, the market is expanding as multinational telemedicine companies increasingly integrate patient monitoring solutions into their comprehensive healthcare ecosystems, particularly within this region. This progression is intricately connected with the patient monitoring market, as it promotes the uptake of monitoring devices and services to meet the surging need for integrated healthcare solutions.
For instance, in August 2022, Teladoc Health, the leader in the virtual healthcare industry, collaborated with a prominent remote patient monitoring platform Cloud DX. This collaboration is aimed at enhancing remote monitoring services for patients throughout Canada. Within this partnership, Cloud DX's existing remote patient monitoring services in Canada will receive improvements by incorporating Teladoc Health's virtual healthcare expertise.
Asia-Pacific Witnessed a Substantial Growth in the Patient Monitoring Market
Asia-Pacific is expected to steadily rise in the global market, due to the rising older population, which is prone to chronic diseases. According to a report published by the Population Reference Bureau in June 2023, Japan is experiencing a swift demographic shift, with approximately 28% of its population constituting elderly individuals.
Moreover, the rising government initiatives in the region have led to significant advancements in healthcare technology, particularly in patient monitoring. These initiatives have fostered the development and implementation of state-of-the-art patient monitoring systems and solutions, which, in turn, drive the growth of the market. For instance, in September 2023, the Government of India integrated the eSanjeevani telemedicine app to deliver quality healthcare services. The government also emphasized the development of technologies, such as telemedicine, AI-driven healthcare, robotics, and remote patient monitoring.
Various market players operating in the patient monitoring industry include Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers, Nihon Kohden Corporation, Abbott Laboratories, Masimo Corporation, Hill-Rom Holdings, Inc., Biotronik SE & Co. KG, Honeywell International, Inc., and others.
These market players are adopting various strategies, such as product launches, to remain dominant in the patient monitoring market. For instance, in August 2023, GE HealthCare received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its innovative wireless and wearable monitoring solution known as Portrait Mobile. This cutting-edge platform enables real-time monitoring of a patient's essential health indicators and delivers personalized data visualization. It proves especially beneficial in facilitating patient mobility during crucial recovery periods, such as post-surgery or after transitioning from the intensive care unit.
Also, in June 2023, Royal Philips and Masimo jointly announced FDA clearance for the activation of SedLine Brain Function Monitoring, Regional Oximetry (O3), and CO? measurements within Philips Patient Monitors, specifically the IntelliVue MX750 and MX850 models. This recent expansion of the collaborative efforts between Masimo and Philips aims to empower healthcare professionals to make rapid and well-informed decisions without requiring supplementary monitoring devices.
Key Benefits
The report provides quantitative analysis and estimations of the patient monitoring market from 2024 to 2030, which assists in identifying the prevailing market opportunities.
The study comprises a deep-dive analysis of the patient monitoring market including the current and future trends to depict prevalent investment pockets in the market.
Information related to key drivers, restraints, and opportunities and their impact on the global market is provided in the report.
Competitive analysis of the players, along with their market share is provided in the report.
SWOT analysis and Porters Five Forces model is elaborated in the study.
Value chain analysis in the market study provides a clear picture of roles of stakeholders.
Patient Monitoring Market Key Segments
Cardiac Monitoring Devices
Mobile Cardiac Telemetry Monitors
Electrocardiogram (ECG) Devices
Implantable Loop Recorders
Event Monitors
Smart/Wearable ECG Monitors
Blood Glucose Monitoring Systems
Self-Monitoring Blood Glucose Systems
Continuous Glucose Monitoring Systems
Hemodynamic/Pressure Monitoring Devices
Hemodynamic Monitors
Blood Pressure Monitors
Disposables
Multi-Parameter Monitoring Devices
Low-Acuity Monitoring Device
Mid-Acuity Monitoring Devices
High-Acuity Monitoring Devices
Respiratory Monitoring Devices
Pulse Oximeters
Spirometers
Capnographs
Peak Flow Meters
Temperature Monitoring Device
Handheld Temperature Monitoring Devices
Table-Top Temperature Monitoring Devices
Wearable Continuous Monitoring Devices
Invasive Temperature Monitoring Devices
Smart Temperature Monitoring Devices
Fetal & Neonatal Monitoring Devices
Neonatal Monitoring Devices
Fetal Monitoring Devices
Neuromonitoring Devices
Electroencephalograph (EEG) Machines
Electromyography Machines
Cerebral Oximeter
Intracranial Pressure (ICP) Monitors
Magnetoencephalography (MEG) Machines
Transcranial Doppler (TCD) Machines
Weight Monitoring Devices
Digital
Analog
Others Devices
Conventional
Wireless
Home Healthcare
Hospitals & Clinics
Others
North America
The U.S
Canada
Mexico
Europe
The U.K.
Germany
France
Italy
Spain
Denmark
Netherlands
Finland
Sweden
Norway
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Singapore
Taiwan
Thailand
Rest of Asia-Pacific
Rest of the World (RoW)
Latin America
Middle East
Africa
Report Scope and Segmentation:
Parameters |
Details |
Market Size in 2023 |
USD 43.07 Billion |
Revenue Forecast in 2030 |
USD 77.23 Billion |
Revenue Growth Rate |
CAGR of 8.7% from 2024 to 2030 |
Analysis Period |
2023–2030 |
Base Year Considered |
2023 |
Forecast Period |
2024–2030 |
Market Size Estimation |
Billion (USD) |
Growth Factors |
The rising prevalence of chronic diseases The integration of patient monitoring systems with electronic health records (EHRs) The rising proportion of elderly individuals |
Countries Covered |
28 |
Companies Profiled |
10 |
Market Share |
Available for 10 companies |
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
Medtronic Plc
Koninklijke Philips N.V.
GE Healthcare
Siemens Healthineers
Nihon Kohden Corporation
Abbott Laboratories
Masimo Corporation
Hill-Rom Holdings, Inc.
Biotronik SE & Co. KG
Honeywell International, Inc.
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